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TOKYO: The Bank of Japan kept interest rates steady on Friday (Oct 30), but declared victory in a nearly 14-year battle to hit its price target and signalled vigilance against inflation risks, suggesting the …

TOKYO: The Bank of Japan kept interest rates steady on Friday (Oct 30), but declared victory in a nearly 14-year battle to hit its price target and signalled vigilance against inflation risks, suggesting the next rate hike could be as soon as December. With underlying inflation roughly hitting the BOJ's 2 per cent target, the central bank must focus on anchoring it around that level, it said, stressing anew that its policy has entered a new, more hawkish phase open to raising rates once every few months. The broad shift in outlook aligns the BOJ with its US and European counterparts eyeing near-term rate hikes to battle inflationary risks from the AI boom and the Iran war-induced energy shock. In a surprise move that marks a further shift away from ultra-loose policy, the BOJ said it would accelerate its sales of exchange-traded funds from January to 860 billion yen (US$5.45 billion) per year from 330 billion yen currently. "Underlying inflation is at a level generally consistent with our price target, and is expected to remain at around that level," the BOJ said in a quarterly outlook report. "Against this backdrop, it will be important to examine the degree to which underlying inflation is anchored around 2 per cent." At the two-day meeting ending on Friday, the BOJ maintained its policy rate at 1.25 per cent in a widely expected move, forgoing back-to-back hikes to spend more time scrutinising the effects of past rate hikes on lending conditions. Hawkish board member Hajime Takata dissented to the decision to hold rates, instead proposing unsuccessfully a hike to 1.5 per cent. "We saw the need to scrutinise a bit more economic and price risks, as well as financial conditions. But underlying inflation has reached levels consistent with our price target," BOJ Governor Kazuo Ueda told a press conference after the decision. "Financial conditions remain accommodative. There are various upside risks. We must therefore be vigilant to the risk of inflation overshooting our target."

TOKYO: The Bank of Japan kept interest rates steady on Friday (Oct 30), but declared victory in a nearly 14-year battle to hit its price target and signalled vigilance against inflation risks, suggesting the …

TOKYO: The Bank of Japan kept interest rates steady on Friday (Oct 30), but declared victory in a nearly 14-year battle to hit its price target and signalled vigilance against inflation risks, suggesting the next rate hike could be as soon as December. With underlying inflation roughly hitting the BOJ's 2 per cent target, the central bank must focus on anchoring it around that level, it said, stressing anew that its policy has entered a new, more hawkish phase open to raising rates once every few months. The broad shift in outlook aligns the BOJ with its US and European counterparts eyeing near-term rate hikes to battle inflationary risks from the AI boom and the Iran war-induced energy shock. In a surprise move that marks a further shift away from ultra-loose policy, the BOJ said it would accelerate its sales of exchange-traded funds from January to 860 billion yen (US$5.45 billion) per year from 330 billion yen currently. "Underlying inflation is at a level generally consistent with our price target, and is expected to remain at around that level," the BOJ said in a quarterly outlook report. "Against this backdrop, it will be important to examine the degree to which underlying inflation is anchored around 2 per cent." At the two-day meeting ending on Friday, the BOJ maintained its policy rate at 1.25 per cent in a widely expected move, forgoing back-to-back hikes to spend more time scrutinising the effects of past rate hikes on lending conditions. Hawkish board member Hajime Takata dissented to the decision to hold rates, instead proposing unsuccessfully a hike to 1.5 per cent. "We saw the need to scrutinise a bit more economic and price risks, as well as financial conditions. But underlying inflation has reached levels consistent with our price target," BOJ Governor Kazuo Ueda told a press conference after the decision. "Financial conditions remain accommodative. There are various upside risks. We must therefore be vigilant to the risk of inflation overshooting our target."

The Bank of Japan kept interest rates steady on Friday, but revised up its inflation forecast and stressed anew its readiness to continue pushing up borrowing costs to forestall mounting inflation risks. The central …

The Bank of Japan kept interest rates steady on Friday, but revised up its inflation forecast and stressed anew its readiness to continue pushing up borrowing costs to forestall mounting inflation risks. The central bank decided to maintain its short-term policy target at 1.25 per cent by an 8-1 vote. Board member Hajime Takata dissented to the decision. Governor Kazuo Ueda will hold a news conference at 3.30pm to explain the policy decision. COMMENTS KAZUTAKA MAEDA, SENIOR ECONOMIST, MEIJI YASUDA RESEARCH INSTITUTE, TOKYO: "The outlook report suggests the BOJ has become more focused on upside risks to both inflation and economic activity as it struck a more upbeat tone on exports and capital spending driven by AI-related demand. "Although its inflation forecasts remain broadly consistent with the 2 per cent target, the BOJ seems increasingly conscious of the possibility that inflation could overshoot. "Rather than sticking to the previously assumed six-month interval between hikes, it may now be contemplating increases every three months, making the December meeting a credible opportunity for the next rate hike." DAVID CHAO, GLOBAL MARKET STRATEGIST FOR ASIA-PACIFIC, INVESCO, SINGAPORE: "My take-away from the initial report is the hawkish outlook on inflation, which sets the stage for a potential rate hike in December... all eyes will be on Ueda during this afternoon’s press briefing and whether he will tilt hawkish or dovish and any indication on how much higher rates can go. "The surprise news announcement is that the BOJ has decided to expedite its ETF sales, without trying to destabilise the market. While this may initially spook markets, I actually think this is a positive development since the BOJ feels confident enough with the economy and market." SHOKI OMORI, CHIEF JAPAN FIXED INCOME STRATEGIST, DEUTSCHE SECURITIES, TOKYO: "By judging that underlying inflation has reached 2 per cent, the BOJ has changed what it is trying to do: it is no longer a central bank trying to get to its target, it is one trying to keep inflation from running away from it. "That is a different reaction function, and the market should price in it as one. The 8-to-1 vote, with Takata calling for a hike, reinforces the point. "For rates, that shifts the debate from when the next hike comes to where the policy rate stops." MASATO KOIKE, SENIOR ECONOMIST, SOMPO INSTITUTE PLUS, TOKYO: "The ETF was the surprise. I was a little taken aback by that, but its weight is still small, so while it may have some impact on today's stock market, it is something that can be absorbed over the medium to long term without major disruption. "On prices, the BOJ's language that interest rates are broadly consistent with its outlook, together with the upgraded CPI forecasts in the Outlook Report, was largely as expected. But it allowed the BOJ to strengthen its rate-hike bias and hawkish stance more than before. "This can be taken as a signal toward a December rate hike, in the sense that the 2 per cent inflation target has been achieved. "The key points to watch in Ueda's news conference are his explanation on ETFs and his comments on the 2 per cent target." TOHRU SASAKI, CHIEF STRATEGIST, FUKUOKA FINANCIAL GROUP AND FORMER BOJ OFFICIAL, TOKYO: "Speeding up ETF sales is a bit surprising. It's unhealthy for the central bank to hold such a big amount of stocks, but I'm not sure if the timing was good in this risk-off environment. I'm a bit worried about the reaction in the Japanese stock market going forward. "Then in terms of monetary policy, the BOJ said that the underlying CPI inflation is at a level that is generally consistent with the price stability target of 2 per cent. They have been saying the underlying CPI is approaching the 2 per cent target. "So, the BOJ sounds a little bit soft, probably compared to the market expectation. In the end, this nuance of wording toward the underlying inflation and also just one dissident gives a somewhat less hawkish impression. "Probably Ueda-san will try to drive safely, especially in regard to the stock market reaction in the afternoon. So if the stock market decline is relatively large, Ueda-san cannot be so hawkish. His tone could be a bit dovish." HIROFUMI SUZUKI, CHIEF FX STRATEGIST, SMBC, TOKYO: "Board member Takata dissented, but this is unlikely to be a major market catalyst. The BOJ also announced a revision to the pace of its ETF sales. However, with the disposal of its ETF holdings still expected to take 43 years, the impact on financial markets is likely to be limited. "A significant shift from its previous assessments, however, was the BOJ's recognition that underlying inflation, excluding temporary factors, had reached its 2 per cent target. "Recent developments in France and declines in US equities have contributed to a tightening of global financial conditions. USD/JPY has also responded with yen appreciation at times, leaving the BOJ under no pressure to rush into a rate hike." MASAHIKO LOO, CHIEF FIXED INCOME STRATEGIST, STATE STREET INVESTMENT MANAGEMENT, TOKYO: "A boring hold, but an important shift in the Outlook Report. The BOJ's recognition that underlying inflation is now around 2 per cent brings its assessment closer to the reality that conventional inflation measures have already been around or above target for much of the past four years. "Taking its cue from the Fed and ECB, the BOJ has little reason to rush, particularly with US midterm elections potentially adding volatility across currencies and bonds. Ueda can stay data-dependent, keep every meeting live and preserve the next hike for around the turn of the year. "The surprise was the acceleration in ETF disposals. Cutting the estimated unwind from 112 years to 43 years is substantial, and at least puts completion within a human investment horizon. But 43 years is still extremely gradual, with annual sales amounting to only around 0.1 per cent of market turnover. The message is consistent with the broader normalization story: the BOJ is becoming more willing to unwind its legacy balance sheet, but remains determined to do so without disrupting markets."

The Bank of Japan kept interest rates steady on Friday, but revised up its inflation forecast and stressed anew its readiness to continue pushing up borrowing costs to forestall mounting inflation risks. The central …

The Bank of Japan kept interest rates steady on Friday, but revised up its inflation forecast and stressed anew its readiness to continue pushing up borrowing costs to forestall mounting inflation risks. The central bank decided to maintain its short-term policy target at 1.25 per cent by an 8-1 vote. Board member Hajime Takata dissented to the decision. Governor Kazuo Ueda will hold a news conference at 3.30pm to explain the policy decision. COMMENTS KAZUTAKA MAEDA, SENIOR ECONOMIST, MEIJI YASUDA RESEARCH INSTITUTE, TOKYO: "The outlook report suggests the BOJ has become more focused on upside risks to both inflation and economic activity as it struck a more upbeat tone on exports and capital spending driven by AI-related demand. "Although its inflation forecasts remain broadly consistent with the 2 per cent target, the BOJ seems increasingly conscious of the possibility that inflation could overshoot. "Rather than sticking to the previously assumed six-month interval between hikes, it may now be contemplating increases every three months, making the December meeting a credible opportunity for the next rate hike." DAVID CHAO, GLOBAL MARKET STRATEGIST FOR ASIA-PACIFIC, INVESCO, SINGAPORE: "My take-away from the initial report is the hawkish outlook on inflation, which sets the stage for a potential rate hike in December... all eyes will be on Ueda during this afternoon’s press briefing and whether he will tilt hawkish or dovish and any indication on how much higher rates can go. "The surprise news announcement is that the BOJ has decided to expedite its ETF sales, without trying to destabilise the market. While this may initially spook markets, I actually think this is a positive development since the BOJ feels confident enough with the economy and market." SHOKI OMORI, CHIEF JAPAN FIXED INCOME STRATEGIST, DEUTSCHE SECURITIES, TOKYO: "By judging that underlying inflation has reached 2 per cent, the BOJ has changed what it is trying to do: it is no longer a central bank trying to get to its target, it is one trying to keep inflation from running away from it. "That is a different reaction function, and the market should price in it as one. The 8-to-1 vote, with Takata calling for a hike, reinforces the point. "For rates, that shifts the debate from when the next hike comes to where the policy rate stops." MASATO KOIKE, SENIOR ECONOMIST, SOMPO INSTITUTE PLUS, TOKYO: "The ETF was the surprise. I was a little taken aback by that, but its weight is still small, so while it may have some impact on today's stock market, it is something that can be absorbed over the medium to long term without major disruption. "On prices, the BOJ's language that interest rates are broadly consistent with its outlook, together with the upgraded CPI forecasts in the Outlook Report, was largely as expected. But it allowed the BOJ to strengthen its rate-hike bias and hawkish stance more than before. "This can be taken as a signal toward a December rate hike, in the sense that the 2 per cent inflation target has been achieved. "The key points to watch in Ueda's news conference are his explanation on ETFs and his comments on the 2 per cent target." TOHRU SASAKI, CHIEF STRATEGIST, FUKUOKA FINANCIAL GROUP AND FORMER BOJ OFFICIAL, TOKYO: "Speeding up ETF sales is a bit surprising. It's unhealthy for the central bank to hold such a big amount of stocks, but I'm not sure if the timing was good in this risk-off environment. I'm a bit worried about the reaction in the Japanese stock market going forward. "Then in terms of monetary policy, the BOJ said that the underlying CPI inflation is at a level that is generally consistent with the price stability target of 2 per cent. They have been saying the underlying CPI is approaching the 2 per cent target. "So, the BOJ sounds a little bit soft, probably compared to the market expectation. In the end, this nuance of wording toward the underlying inflation and also just one dissident gives a somewhat less hawkish impression. "Probably Ueda-san will try to drive safely, especially in regard to the stock market reaction in the afternoon. So if the stock market decline is relatively large, Ueda-san cannot be so hawkish. His tone could be a bit dovish." HIROFUMI SUZUKI, CHIEF FX STRATEGIST, SMBC, TOKYO: "Board member Takata dissented, but this is unlikely to be a major market catalyst. The BOJ also announced a revision to the pace of its ETF sales. However, with the disposal of its ETF holdings still expected to take 43 years, the impact on financial markets is likely to be limited. "A significant shift from its previous assessments, however, was the BOJ's recognition that underlying inflation, excluding temporary factors, had reached its 2 per cent target. "Recent developments in France and declines in US equities have contributed to a tightening of global financial conditions. USD/JPY has also responded with yen appreciation at times, leaving the BOJ under no pressure to rush into a rate hike." MASAHIKO LOO, CHIEF FIXED INCOME STRATEGIST, STATE STREET INVESTMENT MANAGEMENT, TOKYO: "A boring hold, but an important shift in the Outlook Report. The BOJ's recognition that underlying inflation is now around 2 per cent brings its assessment closer to the reality that conventional inflation measures have already been around or above target for much of the past four years. "Taking its cue from the Fed and ECB, the BOJ has little reason to rush, particularly with US midterm elections potentially adding volatility across currencies and bonds. Ueda can stay data-dependent, keep every meeting live and preserve the next hike for around the turn of the year. "The surprise was the acceleration in ETF disposals. Cutting the estimated unwind from 112 years to 43 years is substantial, and at least puts completion within a human investment horizon. But 43 years is still extremely gradual, with annual sales amounting to only around 0.1 per cent of market turnover. The message is consistent with the broader normalization story: the BOJ is becoming more willing to unwind its legacy balance sheet, but remains determined to do so without disrupting markets."

The Bank of Japan declared that inflation in the country was "generally consistent" with its target of 2%, the first time it has made that assessment since adopting the target in 2013. This comes …

The Bank of Japan declared that inflation in the country was "generally consistent" with its target of 2%, the first time it has made that assessment since adopting the target in 2013. This comes as the central bank expectedly held rates at 1.25%, still at it… The Bank of Japan declared that inflation in the country was "generally consistent" with its target of 2%, the first time it has made that assessment since adopting the target in 2013.This comes as t…

Binance, the world’s largest cryptocurrency exchange by trading volume, has pledged to cover all losses from a hack that it said drained around US$6.3 billion from its wallet. At that scale, it would be …

Binance, the world’s largest cryptocurrency exchange by trading volume, has pledged to cover all losses from a hack that it said drained around US$6.3 billion from its wallet. At that scale, it would be the biggest crypto theft on record, surpassing the US$1.… Binance, the worlds largest cryptocurrency exchange by trading volume, has pledged to cover all losses from a hack that it said drained around US$6.3 billion from its wallet.At that scale, it would b…

Budgets are all about numbers: growth, inflation, unemployment, headroom. So this week on Westminster Insider, Sascha and Pat look into the numbers behind Britain’s economy — and just how much government policy is really …

Budgets are all about numbers: growth, inflation, unemployment, headroom. So this week on Westminster Insider, Sascha and Pat look into the numbers behind Britain’s economy — and just how much government policy is really made up of guesswork, rather than solid measurements. Sascha talks to Dr Laura Gilbert, the former director of data at Number 10 Downing Street, who explains exactly why the numbers we have on measurements like immigration or the workforce are often wrong by hundreds of thousands of people. Ben Warner, who was chief advisor on data and digital at Number 10 during the pandemic, explains why this uncertainty spells chaos for political decision-making and says he believes most ministers don’t know how to use data.

TOKYO -- The Bank of Japan held its benchmark interest rate at 1.25% on Friday, while shifting its inflation outlook up for 2027. Japan's central bank decision widely expected; focus on possible December move …

TOKYO -- The Bank of Japan held its benchmark interest rate at 1.25% on Friday, while shifting its inflation outlook up for 2027. Japan's central bank decision widely expected; focus on possible December move The Bank of Japan wrapped up a two-day policy meet… TOKYO -- The Bank of Japan held its benchmark interest rate at 1.25% on Friday, while shifting its inflation outlook up for 2027.Japan's central bank decision widely expected; focus on possible Decem…

By Lawrence Delevingne, Summer Zhen and Elizabeth Howcroft BOSTON/SINGAPORE/PARIS, Oct 30 (Reuters) - Binance, the world's biggest cryptocurrency exchange, worked on Friday to shore up public confidence after a record $6.3 billion hack of …

By Lawrence Delevingne, Summer Zhen and Elizabeth Howcroft BOSTON/SINGAPORE/PARIS, Oct 30 (Reuters) - Binance, the world's biggest cryptocurrency exchange, worked on Friday to shore up public confidence after a record $6.3 billion hack of its platform, promising it would cover all losses from company funds and allow clients to trade again within days. Cryptocurrency prices fell on news of the hack, which analysts blamed on North Korea and said could be the largest financial heist of all time. The publicly traded stocks of ‌crypto-related firms Coinbase, Strategy and Robinhood slid. Binance said customer funds were safe and it is working with industry partners to freeze some of the affected assets, with about $3 billion located so far. It did not mention the status of the remaining $3.3 billion, but ‌Binance co-CEO Yi He said in a post on X that $3 billion represented only about 2% of the company's total user assets and public reserves. The exchange also said on Friday afternoon US eastern time that its technical team was targeting a resumption of withdrawal services within approximately 34 hours. Binance said it is conducting a full security review and plans an ​initial proof-of-reserves snapshot in 12 hours, with the results expected to be available by Monday. Binance said it has set aside around $6.34 billion of company funds internally to cover the losses. The company has a $1 billion bitcoin reserve fund designed to protect customer assets in the event of security breaches, according to its website. Binance founder Changpeng Zhao said on X that the company owned SpaceX shares worth more than $1 billion. Binance's other co-CEO, Richard Teng, said in a post on X that the breach was a "complex attack" that was not carried out by one person and included a compromised laptop as well as malicious software designed to delete evidence of its activity as it went along, "making it more difficult for us to trace and investigate." The hackers were able to manipulate a system used to approve transactions to move money out of a Binance-controlled, internet-connected so-called "hot" wallet in a way that did not ‌pass through normal approval controls, Teng said. "Rest assured that we are working nonstop to resolve this, ⁠to make the users whole, and live up to your trust," Teng wrote. Crypto prices fell broadly but losses were contained. Bitcoin hit a six-week low of $76,368, and ether fell more than 3% to a two-month low of $2,178 before markets stabilized. Bitcoin last stood at $76,447 and ether at $2,226. Binance's BNB token was down about 6.4% over the past 24 hours at $696.

A suspected hack of Binance, the world’s largest crypto exchange, has prompted it to freeze more than $2.5 billion in assets and sent the price of digital tokens tumbling. Binance said it hasn’t confirmed …

A suspected hack of Binance, the world’s largest crypto exchange, has prompted it to freeze more than $2.5 billion in assets and sent the price of digital tokens tumbling. Binance said it hasn’t confirmed any impact to customer funds. “We are aware of reports… A suspected hack of Binance, the worlds largest crypto exchange, has prompted it to freeze more than $2.5 billion in assets and sent the price of digital tokens tumbling. Binance said it hasnt confir…